New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-09
NEW PUBLICATIONS.

sorEs ON THE NEw.YORK LAW OF LIFE a.t IN
sGRASSE by Charles B. Alexander. Ss"'Y0rk' SAI'r'
Voorhis Co. ,,., -,
Tne law governing the rights and responsibilities OF
life insurance companies and their polcyhoiders mas
gradually year by year been taking definite shape "
York and Massachusetts have led the way In TINS
in securing the proper and safe development u 1 -.
surance both by legislative enactments and inc
aown nv the conrts Nearly all Of the legal problems
that in the early history OF the institution were o''
difcut of solution have now become settled ana h'sa
ton over the payment of claims Is becoming Hore apu
more rare One OF the large companies DONG business IA
this city declares the only claim IL mas mao III contes'
urng the past year its share In the old ana famous
Dwight case which reported TO have been fecchty
settled.
work succinctly stating the propositions that
have become settled as the law OF
life insurance will be welcome and uselui
10 many others besides lawyers Within the compass Oh
scarcely more hundred octave pages and under
tho above modest title, Mr. Alexander has grouped WAN
admirable perspcuy the results of legislation ana ad-
Indication this subject in New YORK state. Inc
authors duties counsel for of the great insurance
companies afforded the experience necessary 10 pre-
pare him for the compilation OF this BOOK
thoroughness and characteristic of BRIEF clear state
mept I'm marked contrast with many recently published
legal treases the policy the chapters OF most
will doubtless be those treating OF 1.-The rights OF
the policy holder during the life or the policy ana Oh
"married women's policies" To many II VIII seem sur
prsng II not startling proposition that the pohcy-hoiuef
not person interested In trust morris the company
n trustee for him The company may make investments
which IN his opinion bad il may pay risks which II
ought not TO pay but tho insured cannot interfere But
as Mr. Alexander shows this rule that has now been
settled beyond question by the Court Oh hp
peals. And upon the theory. too that
the rule is made quite as much for the pro-
lection of the insured for tho insurer "Other"ise
each dissatisfied policy holder might file bill to enforce
his peculiar views and the company wouid be submerged
in ltigaticns" The courts have experienced greatest
difficulty passing upon the statutes relating TO married
vomens policies The statute of 1s40 as tine Court OF
Appeals declared in Eade slmmon, which has become
a leading case, was intended to create provision Tor
state of wdowhood and orphanage The rule there lad
down was that married woman has no power to assign
policy taken out for her benefit on the life OF her nus
band. Subsequent cases have prevented the evasion
of this rule. 1t cannot be evaded by permitting the
policy lapse for nonpaymen Of premium. without the
knowledge Of the wife. by issuing new policy and
assigning it to the creditor Such assignment would be
void Nor will even guarantee by the wife.of the sur
Hciency and validity OF the assignment, avail the
assignee But the other hand the wife herself the
only one who can avoid assignment OF q married
woman's policy
The portion of this work relating to the power OF life
IL surance companies possesses especial interest Mr.
Alexander has little sympathy with the object OF the
SITS tute which restricts life insurance companies in the
holding real estate to such property as 1t is necessary
for them either to occupy as their places Of business or
10 cqure by way Of mortgage in satisfaction debts
He says
Tic object Of this restraining act is not TO prevent
profitable Investment 1t Is not for tho benefit OF the
po,yhOier 1t the alleged interest of the people
Of the Slate In order lands shall not be held In mort
main The English statutes of mortinain from
Macn, Charta 8 Hen. Ill to Geo. H., have
never been in force in this State and not row in
force The whole tendency of our legislation Is to DO
state be iniuriousy affected by the existence of
such buildings as which occupied by insurance
COMPANIES In the State Of NewYork The law is founded
on ancient prejudice almost akin TO the laws against
wtchcraft Free trade in land by corporations dement's
the State.